About East Downtown Redevelopment Authority | TIRZ 15
Established in 1999, the East Downtown Redevelopment Authority establishes infrastructure investment priorities to bolster and enhance development within Tax Reinvestment Zone No. 15. The East Downtown Redevelopment Authority was established to manage and administer the TIRZ.
Tax Increment Reinvestment Zone (TIRZ) No. 15 was passed and approved by the city of Houston in July 1999. The purpose of Zone No. 15 is to set forth goals, expectations, redevelopment plans, and programs necessary to create and support an environment attractive to private investment; and to ensure that the improvements will result in the long-term stability and viability of East Downtown.
Visit Houston.gov for more information on the creation ordinance, articles of incorporation, project plans, and interlocal agreements.
What is a Redevelopment Authority?
A redevelopment authority (Authority) is a Local Government Corporation that manages and administers a TIRZ. It can also issue bonds for the TIRZ. The Authority’s purpose is to promote positive development within the TIRZ’s boundaries and reinvest tax increment dollars back into the zone.
What is a Tax Increment Reinvestment Zone?
Tax Increment Reinvestment Zones (TIRZs) are special zones created by City Council to attract new investment in an area. These zones help finance costs of redevelopment and promote growth in areas that would otherwise not attract sufficient market development in a timely manner. Taxes attributable to new improvements (tax increments) are set-aside in a fund to finance public improvements within the boundaries of the zone. The TIRZ board manages the project plan and recommends reimbursement agreements.
Visit Houston.gov for more information.
A redevelopment authority and a tax increment zone are both organizations that work together to develop an area, but they have different roles. In some cases, like in East Downtown, the Authority and TIRZ boards have the same members.